Australia's Abacus Group gains on stake sale in Storage King

Abacus

18/09/2026 02:12

** Shares of Abacus Group ABG.AX rise as much as 4.4% to A$0.883 in early trade, their highest level since August 31
** Stock logs largest intraday pct gain since late August
** Diversified REIT to sell a 19.6% interest in Storage King Group SKG.AX for gross proceeds of A$284.8 million ($202.69 million)
** Says Storage King investment no longer considered core to co's long-term strategy
** Says 10.37% stake would be sold to Ki Corp at A$1.20 per security, rest 9.23% via block trade
** Storage King shares fall 1.9% to A$1.055
** Abacus stock down 28.3% YTD, including the day's move

($1 = 1.4051 Australian dollars)

 (Reporting by Nikita Maria Jino in Bengaluru)
 ((Nikita.Jino@thomsonreuters.com;))